Burnsville, MN -- (ReleaseWire) -- 01/29/2010 -- Century Controls International, Inc. (the “Company”) (Pink Sheet Symbol “CUYC”) announces it has acquired PetroResources, Inc., a Nevada corporation through a share exchange. PetroResources is in the oil and gas industry and is now a wholly owned subsidiary of the Company.
Terms of the exchange agreement required members of the old board of directors to resign. Newly appointed board members are Daniel J. Elling as Chairman and Vincent R. Guertin as Secretary and Jeffrey Mills as director.
The Company previously sold its shares in Century Controls, Inc., a subsidiary.
Details of the exchange are being sent out to shareholders of record November 30, 2009. Details may be requested from the Company at (952) 838-3838.
About Century Controls International, Inc. [CUYC.PK]
Century Controls International, Inc. is the parent company of PetroResources, Inc. (Petro), which is engaged in the purchasing, management and holding of producing oil & gas well properties. Petro currently holds in excess of 370 well interests located in 16 states. The corporate revenue model has initially incorporated a royalty and non-operating working interest income basis. This design is a means of establishing a long-term track record with a sufficient yield that will prove attractive for developing a larger asset based royalty income management program. Petro’s proprietary methodology used to assess, acquire and manage (not operate) its company oil & gas holdings, provide longevity and fairly consistent revenue streams that see less fluctuation than industry prices. Diversification together with its reinvestment strategy enables Petro to reduce risk and maintain revenues.
This press release contains ‘forward-looking statements’. These are statements concerning plans, objectives, goals, strategies, expectations, estimates, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘should’, or ‘anticipates’, ‘estimates’, or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the Company’s plans, goals, the estimates and assumptions, and the business strategy of the Company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions and the estimates regarding well reserves or production life or other projections will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological changes. Any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements.